Pulse repays $250-million bond four years early
Despite the economic disruption caused by the novel coronavirus pandemic, pulse investment Limited was able to repay a $250-million bond four years ahead of time.
Arranged by NCB Capital Markets, the bond proceeds were first disbursed in December 2019, and had a fiveyear tenure.
According to Pulse in a recent news release, the bond was used to retire more expensive debt and to complete an extensive refurbishing of the Pulse-operated property Villa Ronai in Stony Hill.
It added that some funds were also used to do preliminary work for the 30-unit Pulse Home project, with the first 15 expected to be completed in 2022. Construction is scheduled to begin in April of this year, subject to the relevant approvals from municipal and other authorities.
The lifestyle, real estate and media company led by businessman Kingsley Cooper saw increases in income and profit for the financial year ended June 2020, as reported in the company’s audited financial statements. Income was up by 18.9 per cent, moving from $1.06 billion in the previous corresponding year, to $1.26 billion in the year under review.
Profits increased by 22.2 per cent, moving from the $653.2 million recorded in the previous corresponding period, to $840.3 million. Revenues also went up by 18.9 per cent, moving from $1.06 billion to $1.26 billion. Additionally, the company’s assets grew by close to $1 billion to total $4.7 billion for the year ended June 30.
For the company’s first quarter ended September 30, 2020, income was up $62.4 million, moving from $294.6 million in the previous corresponding quarter, to $357 million, while profits increased by $59.1 million to $315.6 million, up from the $256.5 million recorded in the corresponding quarter in 2019.
Pulse stock closed the year up 222 per cent from its 2019 year end. The stock traded then at $1.50 (adjusted for the four for one stock split that took place in 2020) and closed 2020 at $4.83.
“This makes Pulse the best-performing company on the Jamaica Stock Exchange (JSE) in 2020. Pulse is one of the most traded stocks on the JSE, trading every day over a lengthy period, including every trading day of 2020, often with significant volumes,” the company said.